MONTICELLO, NEW YORK Empire Resorts Inc. has entered into an exclusivity agreement with Entertainment Properties Trust and MSEG LLC to explore the joint development of the companies’ respective properties located in Sullivan County, New York, on the site of the famed Concord Resort Hotel.
Entertainment Properties controls about 1,500 acres at the site of the former 1,500-key Concord, which closed in 1998. Empire, which owns and operates the nearby Monticello Casino and Raceway, has long sought a lodging option for its patrons.
The agreement commits the respective parties to work together exclusively for six months to explore development opportunities of both properties and transaction structures evaluating financial, legal, tax and other considerations. If no mutually agreeable term sheet has been executed by the parties within sixty days, the agreement will be terminable by any party.
The project, which would likely exceed US$100 million, could include a theme park or a waterpark, local officials say.